Los Angeles – The University of Southern California hosted USC Troy Labs’ 3rd Annual Demo Day, on February 8th, 2019. The single day event provides student and alumni founded companies with the opportunity to participate in an exposition of technologies through speakers and networking. USC Demo Day has featured companies such as URB-E , Fund3 and Lucky Day App in the past two years and has had sponsors such as HR Cloud.
LoanBuddy Co-Founder, Alex Bottom Dornsife Economics 2003 and member of the Economics Leadership Council joined the day to support his brother James Bottom Dornsife International Relations 2004, the creator of Demo Day and Director of USC’s Blackstone Launchpad. The Launchpad, housed at USC’s Marshall School of Business, is the leading program on campus that has advised Trojan Founded companies which have raised over $50,000,000 over the past several years.
“I appreciate any opportunity to be back on campus and was thrilled to be asked to come back to USC for this event.” said Alex Bottom “I personally take satisfaction in seeing all of the student-founded companies who are taking full advantage of their time here while in college. And at LoanBuddy we will always participate in a productive program that we can add value to.” “It’s also a pleasure to see the great work my brother (James Bottom) is doing here at USC, his dedication to the students at the University is inspiring.”
LoanBuddy, the Manhattan Beach-based technology maker with satellite development in Croatia, has been credited with formulating a scalable process for recent graduates to understand the effects of their student loans with the help of a financial planner.
Student loan debt is, unfortunately, the fastest growing form of debt in the United States, outpacing auto, credit and mortgage debt. The student loan debt conversation is quickly becoming the initial conversation a financial planner has with a client, as it is likely the biggest part of their financial plan. Tens of thousands of postgrads can easily accumulate over $500,000 of student loan debt, a problem that Trojans know all too well. High debt amounts require diligent planning to offset high interest rates to prevent delays in goals such as purchasing a home, negatively impacting savings and lifestyle.
LoanBuddy empowers Financial Planners with tools to help their clients manage, track and refinance their private and federal student loan debt. It automatically generates client-facing reports based on their NSLDS file. Also, its features include a calculator with repayment strategies and corresponding income-based federal repayment programs in addition to downstream tax implications. LoanBuddy is useful for planners who work with graduates of any amounts of student debt and helps their clients enrolled in public service loan forgiveness most commonly known as PSLF manage this process. Historically a major portion of financial advisors has been focused on selling products and spending 100% of their time with assets under management or retirement strategies. LoanBuddy is shifting this paradigm for younger financial planners who are building up their practices and looking for lifetime clients.
There is currently over $1.5 Trillion of federal student loan debt in the USA. Certified Financial Planners (CFP’s) are uniquely positioned to help borrowers manage their financial health with LoanBuddy tools. LoanBuddy now has over 200 Financial Planners utilizing their software to track over $80,000,000 of client student loan debt and growing.
LoanBuddy also offers ongoing education on student loans and helps independent financial planning firms grow by delivering new clients prospects that need help with their student debt. There are currently over 10,000 independent financial planners in the USA. LoanBuddy has partnered with Australia based Credible, Ohio based Maurer Law and San Diego based The College Investor and is Co-Founded by Ryan Inman at Physician Wealth Services & Financial Residency.. It was also a finalist in the XY Planning Network FinTech Competition, a network of over 800 Independent “Fee-Only” Financial Planners and works closely with the Financial Planning Association (FPA) . LoanBuddy offers financial technology as a monthly software as a service subscription for $60 with no annual contracts.
LoanBuddy was asked in 2018 to participate in the newly minted Rossier EdVentures Accelerator and has made market leading strides since its May 2018 founding. “We are excited that LoanBuddy is part of the EdVentures cohort; its focus, among other things, on helping borrowers understand the ins and out of forgiveness for service is important to students in medicine, education, and other social services. Like our other cohort members, we believe that LoanBuddy will do good and do well! We are excited to watch them grow.” said Doug Lynch, one of the country’s leading experts in education technology and part of the faculty at Rossier School of Education at USC and a Co-Founder of USC EdVentures.
LoanBuddy is hiring, interested applicants can reach out on their career page here.